Lordstown Motors Shares Plunge on Going-Concern Warning (1)

(Adds stock move, Workhorse shares.)

• Lordstown Motors shares plunged 16% after the electric vehicle startup in an amended 10-K filing said it needs more capital to complete the development of its EVs, get regulatory approval, begin commercial scale production and start sales
• “Our current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles. These conditions raise substantial doubt regarding our ability to continue as a going concern,” Lordstown says in the filing
  • Lordstown revised its 10-K after SEC highlighted concern about accounting implications of “certain terms that ...